You're mapping out project timelines for a new product innovation. How do you ensure accurate estimations?

?? Ensuring Accurate Estimations for New Product Innovation ?? 1. Analyze Past Projects ?? - Review timelines of similar projects. 2. Break Down Tasks ?? - Divide the project into detailed, manageable tasks. 3. Consult with Experts ?? - Get input from team members & industry experts. 4. Use Project Management Tools ??? - Leverage software for precise tracking. 5. Consider Buffer Times ? - Account for potential delays & uncertainties. 6. Regularly Update Estimates ?? - Revise timelines based on progress & feedback. 7. Monitor Dependencies ?? - Track task interdependencies to avoid bottlenecks. 8. Communicate Clearly ??? - Ensure everyone understands & agrees on timelines. Achieve accuracy in your project timelines & drive innovation!

It all starts at understanding scope. The problem with innovation is that there are far more unknowns. At 1st you have to determine if the uncertainties are standard or very high. Given that, a rough estimate of its impact on scope would be ~30% for standard uncertainty with an innovative products or 50%+ for high uncertainty. This can be determined based on the amount that is known -- do you have the tools right now to work on this product or do they need to be developed as part of this product? There are so many other items to consider but the biggest impact on scope on innovation is the uncertainty. Side note: you may not have the ability to pad but you will need to be transparent about that impact.

Having the right people on the right tasks can make a world of difference when it comes to managing project teams. People who excel in one area, let's say numbers, may be able to get financial planning done in a matter of hours, where a resource who is more creative would take several days to work on those same spreadsheets. It's important to put your resources where they'll thrive.

Setting milestones is like plotting waypoints on a map; they provide direction and markers of progress. Define clear, achievable milestones throughout your project timeline that align with key development phases. Each milestone should represent a significant achievement that moves you closer to your final goal. This helps in tracking progress and keeps the team motivated by celebrating smaller victories along the way.

A project timeline is not set in stone; it requires continuous review and adjustment. As the project progresses, you'll gain a better understanding of how long tasks actually take and what resources are truly necessary. Regularly revisit and revise your timeline to reflect these learnings. This agility allows you to manage expectations and keep your project on track despite the dynamic nature of product innovation.